Industrial Maintenance Coatings Market worth $4.9 billion by 2025 | Key players Atlas Akzo Nobel N.V. (the Netherlands), Jotun A/S (Norway), PPG Industries, Inc. (US), The Sherwin-Williams Company (US).

According to recent market research the "Industrial Maintenance Coatings Market by Technology (Solvent-based, Water-based, Powder & Others), Resin Type (Epoxy, PU, Acrylic, Alkyd & Others), End-use Industry And Region (North America, Europe, Asia Pacific, South America & Middle East & Africa) - Global Forecast to 2025", The industrial maintenance coatings market is expected to grow from USD 4.0 billion in 2020 to USD 4.9 billion by 2025, at a CAGR of 4.0% during the forecast period. The major factors driving the industrial maintenance coatings market include the increasing demand for environmentally friendly coatings, the need for efficient process and durable coatings with better mechanical properties, and growing demand from the Asia Pacific region.

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Acrylic resins are a group of thermoplastic or thermosetting plastic substances derived from acrylic acid, methacrylic acid, and other related compounds. These resins offer excellent resistance to extreme environmental conditions and enable fast-setting times in comparison to other resin systems. They find use in automotive, industrial assembly, construction, metal processing, and other end-use industries.

Solvent-based industrial maintenance coatings are preferred over water-based coatings in humid environments. Solvent-based coatings cure due to a chemical reaction between oxygen in the atmosphere and their constituents, and not by the evaporation of water. Solvent-based industrial coatings achieve a higher gloss level than water-based coatings. It is applied to the surface of the material to prevent corrosion and is more flexible than water-based coatings during the curing of the coating. Solvent-based industrial maintenance coatings are used widely in numerous end-user industries such as automotive, marine, aerospace, oil & gas, chemical & petrochemical, power and steam generation, metal processing and among others.

Power & chemical plants and oil & gas industry, and metal processing industries will continue to represent the bulk of the end-user demand for high-temperature coatings because of the relatively large replacement (repair and maintenance) market of high-temperature coatings attached with these applications. Wide application of high-temperature high pressure industrial maintenance coatings in applications such as corrosion under insulation, flare/smokestacks, chimneys, exhausts, piping, storage tanks, process boiler vessels, etc. in the oil & gas industry has led to the dominance of industrial maintenance coatings in oil & gas industry.

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Asia Pacific has emerged as the leading consumer and producer of industrial maintenance coatings. The easy availability of low-cost labor and raw materials are driving foreign investments, which is increasing the production of industrial maintenance coatings in the region. Asia Pacific is also the fastest-growing industrial maintenance coatings market.

Major players in the industrial maintenance coatings market include Akzo Nobel N.V. (the Netherlands), Jotun A/S (Norway), PPG Industries, Inc. (US), The Sherwin-Williams Company (US), Nippon Paint Holdings Co., Ltd (US), Kansai Paint Co., Ltd. (Japan), RPM International Inc. (US), Tikkurila OYJ (Finland), Hempel A/S (Denmark), Axalta Coating Systems, LLC (US), Aremco Products Inc. (US), Monarch Industrial Products (I) Pvt. Ltd.(India), Goa Paints (India), and Continental Coatings Inc. (US).

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PPG Industries, Inc. is a leading player in the global industrial maintenance coatings market, in terms of geographical reach, product portfolio, and financial performances over the last three years. In March 2020, PPG completed its acquisition of Alpha Coating Technologies, LLC (Alpha), a powder coatings manufacturer for light industrial applications and heat-sensitive substrates. The acquisition provides additional powder capacity. It includes small batch and low cure powder manufacturing capabilities for general finishes, light industrial, furniture, and heat-sensitive substrate end uses. This acquisition also provides emerging opportunities in low-temperature cure powder technology.

In March 2020, Akzo Nobel acquired the remaining 25% stake in Akzo Nobel Boya Sanayi ve Ticaret A.S. (Turkey), a leading powder coatings joint venture. The acquisition is expected to help Akzo Nobel serve the powder coatings market in Turkey, Eastern Europe, and Central Asia.

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